I'll break from the pack here and say that I was somewhat disgusted with this book. I'm sure there must be other long-time D&D players who agree with my perspective, however. For me, Wizards of the Coast is a notorious repackaging/recycling company, one with a fraction of the creativity and vision of TSR. This book is a shining example of WoTC's worst traits.
For the usual steep entrace fee of $35, we get four new classes, only two of which are mildly interesting (the knight has been around for so long and in so many forms that its inclusion here seems pointless). And both of the interesting classes - duskblade and beguiler - are little more than rogue/sorceror and fighter/sorceror mixes, just with the ability to cast an incredibly minor list of spells while wearing armor. Gee, thanks. One could do better with some creativity and, dare I say it, a smattering of house rules.
Chapter Two, "Expanded Classes," is laughable. Here we have 37 pages of almost total fluff. I do not need to pay $35 for a book that will teach me how my Cleric of Pelor should reference his deity in every sentence he utters; nor do I need such a book to tell me what obvious "themes" I can pick to round out the personality of my character. If you need a book to give you those ideas, stop playing D&D, because you obviously don't have the sliver of imagination necessary (or the common sense) to role-play. Also the extremely minor "expansion options" they give some of the classes are largely uninteresting.
Chapters 3 and 4 are new spells and feats. Usual fare here.
Chapters 5 and 6 really cemented my displeasure with this book. These chapters are geared at helping a character build his or her identity, but they give nothing but a bunch of completey hackneyed examples. Seriously, if you couldn't figure these out on your own, you're an idiot. The section on teamwork benefits is interesting, but I have a problem with that too that I will return to discuss.
Chapter 7 is all about "affiliations" - adventuring groups/clans that your PC may hail from. David Noonan should be embarassed by these. You have stuff like "the Bloodfist Tribe," which is - you guessed it - a wandering half-orc band. There's the Elves of the High Forest, Dragon Island, dwarves who mine deep into the mountain, gnomes who like to make stuff, etc. etc. Again I return to my gripe about creativity. Anyone with even a passing knowledge of fantasy roleplaying and D&D can create better groups than these to populate a campaign world. They're obviously just included here as filler.
Chapter 8 is more filler, and is basically filled with rules on how to switch your character over from one class to another, for all those indecisive players out there. I really think this section could have been released online as an option for those who want to pursue it.
So, overall, what I'm left with thinking about this book is - why was it necessary to publish something called "Player's Handbook 2?" There is nothing in here of vital consequence. The few useful bits - the new feats, spells, and rules governing teamwork benefits - should have been included in the FIRST Player's Handbook the first time around. But, obviously, if they did that, WoTC would have no way of suckering addicted fans out of another $35 for yet another smattering of new stuff buried in page after page of useless fluff.
WoTC's 3.5 rules are really a wonder of marketing. I tip my hat to them. They now have approximately 700 prestige classes and god knows how many races, spells, monsters, feats and examples of how to make your bard talk scattered throughout dozens of books. There are so many fans of D&D that many of them will buy all the books just to see what the new stuff is. My advice to such folks is to avoid this book, even though I'm pretty sure most of you won't.